Jerome Powell took center stage this week and the Federal Reserve chair didn’t do anything to dampen expectations of a rate cut. That sent both stocks and gold higher. The yellow metal pushed back above $1,400 after tanking in the wake of last Friday’s June jobs report and stocks swooned. Everybody seems to love Easy Street. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey breaks down what the Fed chair said and didn’t say. He also debunks the “there is no inflation” myth and highlights some other interesting news in the gold markets.
Gold has gone through some wild mood swings this week. It plunged back below $1,400 per ounce on Monday only to rally and climb back above that key level on Tuesday. What’s driving these fluctuations? And what should investors be focusing on? Mike Maharrey talks about it in this week’s Friday Gold wrap. He also touches on some positive signs in the silver market, the global movement toward de-dollarization, and he remembers a friend of liberty who passed away this week.
If I mention a “green metal” you might think of copper due to its propensity to turn green as it oxidizes. But as it turns out, silver is a “green metal” as well – green as in environmentally friendly. In fact, silver is playing an increasingly large role in efforts to protect the environment.
As you probably know, silver is an important component in the solar energy industry. Now scientists have discovered that silver works better than copper as a catalyst to transform greenhouse gas. This story was highlighted among other technological innovations using silver in the latest edition of the Silver Institute’s Silver News.
And just like that, gold was over $1,400. Just a couple of weeks ago, we were talking about how gold was struggling to crack through the key $1,300 level. In this episode of the Friday Gold Wrap, host Mike Maharrey talks about the main drivers behind the gold market right now, including the trade war and central bank mechanizations. He also covers some supply and demand fundamentals.
You may have heard that you can’t purchase more than $10,000 worth of gold without it being reported to the IRS.
This is a myth.
You can avoid IRS reporting requirements, even on large-scale purchases. You just have to know the rules. Our revised Guide to Tax-Free Gold and Silver Buying provides the information you need to navigate the complex world of IRS reporting. You’ll learn:
The Federal Reserve held its June Open Market Committee Meeting this week and it looks like Powell and company are fresh out of patience. In fact, that word didn’t come up once. And while the Fed held pat on interest rates, for now, virtually everybody is betting on a rate cut in the near future. This has caused gold to surge to prices not seen in nearly six years. Meanwhile, American consumers are still running up debt and the Chinese are shedding it. In this episode of the Friday Gold Wrap, host Mike Maharrey talks about it.
Well, you missed out. You could have been $100,000 richer. But you didn’t plunk down $25 for a map. And you’re probably not in Canada.
Too bad. As my dad used to say, “When you snooze, you lose.”
But a few people did cash in on a treasure hunt up in the Great White North. And those folks are $100,000 better off for their efforts.
Gold has crashed through another key resistance level and is on track for its fourth consecutive weekly gain. What is driving gold into the spotlight? Host Mike Maharrey talks about it in this week’s episode of the Friday Gold Wrap podcast. He also raises an important question – what is all this going to look like when the recession really takes hold?
The following is a market update as it related to precious metals prepared by SchiffGold intern commodities analyst Jason Mezhibovsky and SchiffGold News managing editor Mike Maharrey.
Most mainstream analysts believe we remain in the midst of the longest bull market in history. If you consider the post-crisis S&P 500 low of March 9, 2009, as the beginning of this bull run, then it’s well over a decade long.
Peter Schiff believes the bull market actually ended last fall. He predicted that the December rate hike would be the last. Turns out he was correct in that prediction.
There are two major factors driving markets right now – fears that tariffs are going to push the global economy into recession and hope that the Federal Reserve and other central banks will rescue it. What are the markets getting right? And what are they getting wrong? Friday Gold Wrap host Mike Maharrey talks about it.